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AmCham South China upbeat about China’s economy

2016/9/11

Harley Seyedin, president of the American Chamber of Commerce in South China (AmCham South China), has said that the organization’s member companies retain confidence in China’s economic development despite some gloomy voices.

Seyedin made the remarks on Sept 7 in Xiamen, where he is attending the 19th China International Fair for Investment and Trade. He also shared that none of AmCham South China’s more than 2,300 members has left China.

Recent positive moves by the Chinese government, such as the Belt and Road Initiative, which will help the Chinese economy shift from a dependence on export-led manufacturing toward consumption and innovation, have helped inspire confidence among AmCham South China’s membership, Seyedin explained.

A survey of 246 foreign companies with operations in China conducted by AmCham this year showed that 93 percent of the companies were optimistic about profit growth, and 37.5 percent of them expected to see increased profits from trade with the Belt and Road region.

While noting that companies cannot do business in China in the same way as they did 20 years ago because the market has evolved, Seyedin added that China continues to offer new opportunities to foreign investors and will remain a great destination for US investors for many years to come.

The time for simple manufacturing and exports is gone, and new opportunities to tap Chinese consumption, health care, education and other sectors have arrived, Seyedin said, adding it is important to be Internet-savvy and consumer-minded.

The American Chamber of Commerce in South China is a non-partisan, non-profit organization dedicated to facilitating bilateral trade between the United States and China.

Certified in 1995 by its parent organization, the U.S. Chamber of Commerce in Washington, D.C., AmCham South China represents more than 2,300 corporate and individual members, is governed by a fully-independent Board of Governors elected from its membership, and provides dynamic, on-the-ground support for American and International companies doing business in South China.

In 2015, AmCham South China hosted nearly 10,000 business executives, government leaders and journalists from around the world at its briefings, seminars, committee meetings and social gatherings.